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Commonwealth bank breach of regulations 2017

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The Australian banking industry is dominated by four major banks that are commonwealth bank, Westpac, ANZ and National Australia Bank. The banks are licensed under the BankingAct 1959 which provides the regulatory framework controlling the banking sector. The first recommendation for the organization is the heightened awareness of the obligation to comply with the legal requirements of their operations. This means that the various operations managers of the bank would need to be aware of the current legal requirements set by the relevant authorities in the sector as well as the national leg...

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Question Preview:

The Australian banking industry is dominated by four major banks that are commonwealth bank, Westpac, ANZ and National Australia Bank. The banks are licensed under the BankingAct 1959 which provides the regulatory framework controlling the banking sector. The first recommendation for the organization is the heightened awareness of the obligation to comply with the legal requirements of their operations. This means that the various operations managers of the bank would need to be aware of the current legal requirements set by the relevant authorities in the sector as well as the national legislation that was breached in by the Commonwealth bank (Clarke, 2017).

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The Australian banking industry is dominated by four major banks that are commonwealth bank, Westpac, ANZ and National Australia Bank. The banks are licensed under the BankingAct 1959 which provides the regulatory framework controlling the banking sector.

The main challenges currently present in the Australian banking sector start for the regulatory calibration of the services to ensure compliance with current regulation that makes it necessary of the redefinition of the services offered to ensure compliance with the financial sector regulations (Deloitte. 2018).

Another recommendation is the proper evaluation and testing of the various infrastructure changes implemented by the bank to increase the efficiency of the operations in recent years which were the root cause of the oversight resulting in the breach. This is not only dependent on the number of changes in the IT system but also the quality of the monitoring and control systems in place which should have alerted the bank about the alleged inability to generate the Threshold transaction reports for suspicious activity (Eyers, 2017). 

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